GBP/USD US session outlook
Resistance - 1.45, 1.4549, 1.4577
Support - 1.4441, 1.44, 1.4344
Cable's retreat from European session high of 1.4524 on the back of a weaker rebound in UK core CPI followed by an upbeat US data** has increased risk of the pair falling to 1.4441 - 1.4432 (hourly 200-MA) level.
An hourly closing below 1.4432 (hourly 200-MA) would shift risk in favor of the pair testing sub 1.44 levels.
Bears should watch put for a rebound from 1.4441-1.4432 as that could translate into a fresh attempt at 1.4533-1.4549 resistance zone.
**US Data - Consumer prices increased 0.4 percent in April, the biggest gains since February 2013, following a 0.1 percent advance in March.
Federal Reserve Bank of Atlanta's wage growth tracker shows US worker is enjoying their highest wage growth since 2009
Support - 1.4441, 1.44, 1.4344
Cable's retreat from European session high of 1.4524 on the back of a weaker rebound in UK core CPI followed by an upbeat US data** has increased risk of the pair falling to 1.4441 - 1.4432 (hourly 200-MA) level.
An hourly closing below 1.4432 (hourly 200-MA) would shift risk in favor of the pair testing sub 1.44 levels.
Bears should watch put for a rebound from 1.4441-1.4432 as that could translate into a fresh attempt at 1.4533-1.4549 resistance zone.
**US Data - Consumer prices increased 0.4 percent in April, the biggest gains since February 2013, following a 0.1 percent advance in March.
Federal Reserve Bank of Atlanta's wage growth tracker shows US worker is enjoying their highest wage growth since 2009
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